Report – Ford’s Mulally to be replaced by Mark Fields soon

According to a source with knowledge of the company’s plans, its Chief Operating Officer Mark Fields will officially succeed Ford’s current Chief Executive Officer Alan Mulally.

According to the person, which kept its identity a secret because it’s not entitled to discuss the company’s plans, Mulally, the 68-year-old executive which came to Ford from Boeing in 2006 and revived the company, would not keep its position until the year ends.

Fields, 53 has been widely regarded as its designated successor since he was named as COO in December 2012 and Bloomberg also reported on the matter, saying the company could make the announcement as soon as next month – as Ford’s annual meeting is scheduled for May 8.

“We do take succession planning very seriously,” Ford spokeswoman Susan Krusel said. “We do have succession plans in place for all of our key leadership positions, but for competitive reasons we do not discuss them.”

While Mullaly is not yet ready to retire after its Ford stint ends, Fields would get a very strong company as inheritance from the former Boeing executive. Although the recovery in Europe is still in its early stages and cost of new launches would dent 2014’s profit, Ford is having a very profitable North American operation, while its China business is rising like a space rocket.